Yes. Or, rather, no.
Er, I mean, it doesn't matter. Use the one that makes sense for your particular project. PX and EM or both equally valid but will behave a bit different depending on your overall page's CSS architecture.
UPDATE:
To clarify, I'm stating that usually it likely doesn't matter which you use. At times, you may specifically want to choose one over the other. EMs are nice if you can start from scratch and want to use a base font size and make everything relative to that.
PXs are often needed when you're retrofitting a redesign onto an existing code base and need the specificity of px to prevent bad nesting issues.